Early This Month Exports Down 17.8%... Daily Average Export Value Decreases by $2.1 Billion

Export containers are piled up at Busan Port. Photo by Kang Jin-hyung aymsdream@

Exports from the 1st to the 10th of this month decreased compared to the previous year due to factors such as the number of working days.

According to the Korea Customs Service on the 11th, export value during this period was $14.9 billion, down 17.8% from the same month last year. The average daily export value, considering the number of working days, was $2.13 billion, a decrease of 0.1%. The number of working days was 7, shorter than 8.5 days during the same period last year.

By item, exports of semiconductors (17.4%) and ships (373.9%) increased. On the other hand, exports of passenger cars (-33.6%), petroleum products (-33.2%), and wireless communication devices (-19.0%) decreased. Countries with increased exports included Taiwan (29.2%) and Hong Kong (3.9%). Exports to the United States (-37.5%), China (-14.6%), and Vietnam (-6.0%) declined.

Imports amounted to $15.8 billion, down 21.0% from the previous year. The trade balance showed a deficit of $856 million.